Ada Colau proposes wealth tax to raise 10 billion euros

Ada Colau, leader of the Frente Amplio coalition, has presented a new fiscal proposal titled “tax the rich” during an event in Madrid. The plan aims to collect more than 10 billion euros to fund public services, pensions, and social policies.

The proposal includes an annual 2% tax on wealth exceeding one million euros and a 3% tax on fortunes surpassing 50 million euros. According to the coalition, this measure would affect approximately 231,000 people, representing about 1% of income tax filers, while 99% of the population would remain exempt.

In addition to the wealth tax, Colau proposed increasing the effective tax rates for large corporations and banks, noting a disparity between the 7% to 9% paid by large entities and the 19% to 20% paid by small and medium-sized enterprises. The coalition also suggested a 10% tax on the value of properties held by multi-property owners with four or more homes to discourage housing speculation and promote sustainable rentals.